Lancaster & Morecambe 01524 843322
Posted on Friday, June 2, 2023
Many people are still asking how all this affects the Morecambe Housing Market. It’s quite simple really, it doesn’t. Not yet anyway. Over the past 3 years, prices have risen in Morecambe by 26%. Prices have now stabilised and have stayed steady since January this year. Steady is good.
Morecambe is performing very much on par with Lancaster, seeing activity levels on par with May 2019. If you compare to the last 2 years, new instructions are up which gives buyers more choices. Sales levels are down as fewer buyers are actually coming to the market.
It’s not doom and gloom though. Homes are still selling relatively well. You just need to follow our 3 P’s when it comes to selling a home.
Price is right
Present it right
Promote it right.
Get these 3 P’s right and your home will sell. Here are your figures for May 2023.
The average price of a home in Morecambe now stands at £164,237. Last month, it was £163,331. Prices have remained quite steady since January.
This month another 102 properties have had to reduce. Since the start of the year, 426 homes have reduced in price. It is quite worrying. 106 of these reductions are with one estate agent. I will keep on repeating my message again for anyone thinking of selling, sensible pricing is a key.
Once again buyer demand is down in Morecambe, and similar to Lancaster, it is at its lowest level this year. This is reflective of what is happening across the UK. The cost of living crisis is affecting people, plus when you add in the fabulous weather we have had, plus 3 bank holidays, people are choosing to head outdoors. This means they spend less time online staring at Rightmove!
In instances like these, an agent's client bank really is important. We don’t have to rely on Rightmove as we have 1000 new buyers registered with us!
As we head into June there are 602 homes available for sale in the Morecambe market. The choice available to buyers is growing. It is a concern though that almost 50% of these (294) have been for sale for 12 weeks or longer. That is 3 months. Across the UK, the average time it is taking to find a buyer is now 55 days, this is actually 2 days quicker than it was last month but over 3 weeks longer than it was last year!
16 different estate agents we involved with the 90 property sales in May. At JDG we achieved some good results for our clients and it was pleasing to see that homes on Redwing Close, Smithy Lane and Bellamy Avenue all found buyers. There were others too. We also waved a fond farewell to several clients including Twemlow Parade, Hutton Crescent and Hyde Road as those sales were completed and new buyers were handed their keys.
Sales may have slowed in Morecambe but please don’t be disheartened. If you price your home sensible, have great marketing and work with an experienced agent, your home will sell. We would love to help you and share with you our proven methods.
If we can help you move ( we have a proven 87% success rate in getting our client's homes sold compared to an area average of 50% ) please call us on 01524 843322 or email me at michelle@jdg.co.uk
Thanks for reading
Michelle
Ps. If you are on the market already with another estate agent and are struggling to sell, please get in touch. We have had lots of clients switch to us including Redwing Close and with a few tweaks, plus our proactive approach, they have all gone on to sell.
